Nebius Raises $700M for AI Expansion, Stock Gains 15.1%

Dec 2, 2024, 12:32 PM

Nebius Group N.V., formerly known as Yandex, has raised $700 million in equity financing to support the expansion of its AI infrastructure. The funding round was backed by notable investors, including Nvidia, Accel Partners, and Orbis Investments. Nebius plans to utilize the funds to expand its large-scale GPU clusters and cloud platforms as part of its global AI infrastructure development. The company issued 33.33 million Class A shares at a price of $21 per share to secure the investment. Nebius' stock saw a 15.1% pre-market gain following the announcement.